Development fund agreement signed

Foreign Minister Michael Frendo has signed the Internal Agreement On The 10th European Development Fund, an intergovernmental financial instrument that allocates aid to African, Caribbean and Pacific States (ACP) for the period 2008-2015.

The signing took place during the EU Foreign Ministers' Council meeting in Brussels on Monday.

As part of the process leading to the implementation of the 10th EDF, the Commission and EU member states are required to sign an internal agreement that will enter into force following ratification by all member states.

The overall financial contribution earmarked for ACP countries amounts to €23,966 million, of which €21,966 million will come from member states' contributions and another €2,000 million from the European Investment Bank (EIB).

Malta's contribution to the 10th EDF will amount to €6.8 million over the period 2008-2013 with a financial contribution key of 0.03 per cent - the lowest among all EU member states.